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Breitling Energy Corporation has reported that due to the partial execution of Breitling’s business plan its estimated proved, probable and possible oil and gas assets have increased to a net present value of approximately $128 million, using a 10% discount rate, oil priced at $98.68 per barrel and gas priced as $4.03 per MMBtu.
This increase is partially due to Breitling’s recent acquisition and development of our Permian basin farmout acreage.
Chris Faulkner, Breitling’s Chief Executive Officer, stated, "The updated reserve data indicates that its strategy and business plan are starting to take shape. We will continue to aggressively develop this asset to maximize stockholder value."
Oil and Natural Gas Reserves
Set forth below is a summary of Breitling’s updated oil and gas reserves:
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